Be careful if you're long

-$117.57 on the SPY is good resistance.
-$117.45 is a major level for the SPY daily. We have never had a close above it.

Last 10 min. of trading--GO SHORT into TOMORROW!

I picked up some BGZ and SDS!

GS gets slaughtered!

My GS short call from last friday is paying huge. I hope you guys jumped in on the trade too. $5+/share. $171.30 is my final target on GS, but I dont want to hold anything while I'm away.

-I'll be in Las Vegas until next Monday. Good Luck all!

I will be gone until next Monday.

I will be in Las Vegas until Monday.

-Gold and Gold Miner stocks are starting to look very bearish, but I wouldn't short quite yet. I'd wait for tomorrow to at least add some positions.

-GS continues to pay me. I took some profits there.

Profits Galore!

-I've sold the last half of my SCO. Very nice gain there.

-$2+/share on GS shorts and I'm still holding.

-SPY $115.20 target has been achieved. The lows of the day could be in @ $115.25

Plenty of Analysis :)

SPY-daily, is this bull run over? this is the first close ever outside of the parallel channel. Have the 2 thick green trendlines drawn in-they are money makers.



GS-weekly, PLEASE draw the 2 red trendlines they are very important on a weekly basis.


JPM-daily, JPM is forming an inverse H&S pattern? If it succeeds I WILL be all over this one; huge buying opportunity if the pattern plays out. But it looks a pullback is a real possibility right now.


IBM-daily, $125.50 is a MAJOR level for IBM. If $125.50 does not hold..look for a drop to the 200-MA!


USO-daily, the 2 thick red trendlines are very important. There has never been a close above or below the range on a weekly basis


GLD-daily, the thick green line is a very old trendline and should be used to short the GLD if it is ever touched. GLD is trading in a small triangle, look for a breakout or breakdown. I favor a breakdown to the 200MA, and that will be the buying opportunity of a lifetime!


UUP-daily, trading in a parallel channel look for moves that will go above $24.00

..

Sold half of my SCO (+5%) and shorting GS

-I'm holding half of my SCO with a break even stop in place after a 5% run up since Wednesday's close.

-Since Wednesday I called for a bullish move on the UUP and it has really gained these past 2 days and I am still bullish on it.

-I was bearish on GS once it got to $178.50 it went to $178.21 today and I picked up some short positions during the last 15 min. of the day, I'm looking for another monstrous gain out GS again.

-We have a break down on the SPY from the parallel channel I had drawn from last week. Today is the first close outside of the channel.

-Look for SPY $115.25-$115.50 to get hit on Monday. But don't be surprised if the SPY fell to $114.50-$114.80

(I will have a chart of the SPY posted this weekend)

SHORT USO!

The day is about to be over, picking up SCO with a very tight stop in place. USO is moving into VERY heavy resistance!

GS short @ $178.50

Shorting GS @ $178.50.

I am bullish on the UUP!

UUP

I know the street isn't expecting any changes from the FED, but I can't help but be bullish on the USD!

Options Ex + The FED

Be careful you guys. All measured down move targets were hit yesterday. I think this week will be a day-trader's environment.

GS $12+/share

$160 was a major resistance for GS and I expressed that a breakout would trigger a lot of buys. I got in on the trade and it has been a complete monster! $12+ per share in profits. It has been a great week. Have a wonderful weekend!

..

SPY $116; Breakout target reached.

The triangle breakout has reached its upside target. Look for $115 to the downside and as low as the 200-MA on the 10-min chart.

*USO is breaking down. Look for a move to the daily 20MA

New trendlines and an important triangle

Some new and some old trendlines. Be sure to copy these trendlines for intraday trading. This is a 10-min chart of the SPY. The thick blue triangle I have drawn is CRITICAL.

A breakout of the triangle target: $116
A breakdown of the triangle target: 60-min 50MA

Channel Trading makes BIG MONEY! UUP rules ALL!

Yesterday I posted a picture of my 10-min intraday chart of the SPY. As you can see channel trading is very very gooooddd...I managed to short the highs and buy the lows of the day thus far. The final hour of trading WILL BE delightful as I am expecting a BREAKDOWN! We will see...

*notice how the dollar and markets trade INVERSE of each other


USO 20-MA looks like a possibility upon breakdown of this rising wedge.

I want to say SPY $113.50 will get tested tomorrow but..

We did find support at the bottom of a parallel channel. This is my 10-min. intraday chart.

GLD falls to its daily 20-MA; markets sell hard going into the close

I said a retest of its neckline would drop GLD to the 20-MA and that's exactly what we got. It's almost to the penny. We could see a bounce to $110.50-111.00. I still favor a breakdown to retest $106-AT LEAST.

*My bearish call from yesterday WAS off, but the DOW has entered into the red on solid volume. But once again a disappointing day by my standards.

SPY closes the day with a Doji candle

The SPY closed the day with a Doji. Dojis usually signal a reversal in trend. The bears need to bring down this market tomorrow. At least -110 on the DOW no more of this -17, -13. Seriously...

We're headed lower tomorrow (65%)

Its been 2.5 hours into today's trading session, and I'm thinking a lower close tomorrow. The markets look like its just consolidating. The bears better take the SPY down to $112.70 by Thursday if they don't want $114.30 busted through.

..

GLD revisits its neckline and pulls back.

GLD is finding resistance at its neckline. A revisit to the 20 day moving avg. looks to be a logical place to go next.


Last Wednesday, I mentioned how critcal $160 on GS was and that a big move would be coming. Sure enough the next day GS bursts through $160 on Thursday and then rallies another 2% on Friday. However it is coming into resistance.


For the SPY, I mentioned the critical level of $114.30. I said if the bears don't hold $114.30, we will see new highs! The high on Friday? $114.34! The bears did maintain $114.30 but they will have to shed blood this coming week.

Don't cry if...

This H&S pattern decides to play out, The bulls MUST hold $112.10 target: 200-MA
*Notice the light volume and how the market is trading inverse to the dollar


*GLD and USO are both trading in VERY VERY BEARISH patterns as well.

Neutral to positive going into tomorrow (55%)

We closed the day NEGATIVE like I said! But volume was so light that we couldn't get a triple-digit sell off...but what's new?

On the 10-min. chart of the SPY you can see why I am neutral going into tomorrow. My bias is to the upside only because there is a BEAR pattern on the Dollar and also BULL patterns on DIA and QQQQ.

GS will make its move soon. Between tomorrow until next Wednesday. $160 on GS is major resistance and it is trading in a BEAR pattern. If it falls look for $148 then ultimately $135....

And this is why it's important to understand volume...volume up markets DOWN and vice-versa. The light volume can be attributed to the ugly weather in NY that keep the big boys away from work.

We will be heading lower tomorrow (75%)

I picked up some EDZ today @ $5.08

Don't short a dull market

I want to caution the bears that when volume is light, the markets drift higher. Volume has been incredibly light these past 2 weeks.

This is a daily chart of the SPY and there is a case for a possible break out of an inverse head and shoulder or is it a fakeout? We will know tomorrow. Bears must hold $114.30 or we could make new HIGHS!

..

TD Ameritrade was down

I had no charts to work with today. I trade with TD Ameritrade's platform but the charts weren't loading today. Sorry. Hopefully tomorrow will be different.